Sensex and Nifty surge as investors gain Rs 29 lakh crore
Indian equity markets recorded their sharpest single-day rise in seven months on Thursday following US midterm election results.
Indian equity markets saw a significant rally on Thursday, with the BSE Sensex jumping 2,008.61 points and the NSE Nifty climbing 576 points, according to reports by Times of India, Deccan Chronicle and Firstpost. The Sensex ended the session at 79,310.01, representing a 2.60 per cent increase, while the Nifty 50 closed at 24,536.60, up 2.40 per cent.
The market rise has made investors richer by approximately Rs 29 lakh crore based on market capitalisation data. This rally marks the sixth consecutive winning session for both indices, with the Sensex gaining 8.27 per cent and the Nifty advancing 8 per cent over this period.
Several factors contributed to the surge, including a decline in global crude oil prices and improved sentiment following the Democratic Party's victory in the US midterm elections. Investors expressed hope that the election outcome could lead to reduced geopolitical uncertainty and more restrained US trade and tariff policies.
Foreign institutional investors (FIIs) also returned to the market, purchasing shares worth Rs 7,284.03 crore on Wednesday. This follows a period of significant selling that had previously pressured Indian equities.
Vinod Nair, Head of Research at Geojit Investments Ltd, stated that the US midterm verdict provided fresh momentum to Indian equities. He noted that the rally gained credibility as participation expanded beyond the frontline indices, supported by encouraging second-quarter earnings and consistent foreign buying.